As one of the largest companies in the industry, it is throwing its hat in the ring to deliver the Southern Positioning Augmentation Network (SouthPAN), which could revolutionise the region's navigational abilities.

Based on trials, the program could enhance the accuracy of GPS signals in Australasia from 10 metres down to 5 to 10 centimetres, which would have major benefits for a number of local industries and be a first in the southern hemisphere.

One of its biggest bonuses, according to Geoscience Australia, is it could make regional aviation much safer and more efficient.

Regional director for Australia and New Zealand Lockheed Martin Space, David Ball, said should the company be win that contract, the Uralla site would have a role to play.

"If we are successful, the Uralla station will play an important role in ensuring the widespread benefits of SouthPAN are realised across many sectors including agriculture, transport, mining and other industries," he said.

"As we look to the future and the arrival of new and emerging space technologies, the Uralla station will continue to be a critical part of our presence in Australia."

Among other things, the site currently hosts Lockheed Martin's Australian designed and built FireOPAL space awareness monitoring sensors, which track satellites and space debris.

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Member for New England and Deputy Prime Minister Barnaby Joyce has also chimed in to spruik the site's potential.

Mr Joyce, who is chair of the Australian parliament's House Standing Committee on Industry, Innovation, Science and Resources, said the New England has geographical advantages that could make it a major player in the space sector.

"As we increase our capacity there [in Uralla], it also becomes an obvious place for other people in the space industry to also start setting up," he said.

"We have other areas which are very desirable for space technology, such is the investment the government has made into the New England."

Geoscience Australia said it was undertaking a long but thorough procurement process to ensure the best candidate is selected.

"Geoscience Australia is currently undertaking a procurement process for the prime contractor of the SouthPAN," said a spokesperson.

"Submissions closed on 22 July 2020 and a thorough evaluations process is underway, work on this program will commence once this contract is awarded.

"At this stage, initial services are expected within 12 months after contract award."

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